The cryptocurrency market has continued its constructive efficiency this week as BTC and others rally larger.
The cryptocurrency market has carried out effectively over the previous few hours. The whole cryptocurrency market cap stays above the $1 trillion mark because the broader market added greater than 2% to its worth within the final 24 hours.
Bitcoin maintains its value above the $22k resistance stage and is up by greater than 10% within the final seven days. Ether lastly crossed the $1,500 psychological stage after including greater than 5% to its worth within the final 24 hours.
Nonetheless, ETC, the native token of the Ethereum Traditional blockchain, is the perfect performer amongst the highest 50 cryptocurrencies by market cap. ETC is up by greater than 19% within the final 24 hours, outperforming the broader cryptocurrency market within the course of.
The rally might be fueled by the upcoming Ethereum Merge. The merge occasion will see Ethereum utterly migrate to a proof of stake protocol. The Ethereum builders may implement the Merge inside September.
If that occurs, miners on the Ethereum community may migrate to Ethereum Traditional as ETC nonetheless makes use of a proof of labor protocol.
Key ranges to look at
The ETC/USD 4-hour chart is bullish as Ethereum Traditional has been performing excellently over the previous few days.
The MACD line crossed into the constructive zone over the weekend and has maintained its place there, indicating bullish momentum.
The 14-day relative energy index of 88 reveals that ETC is at present within the overbought area.
At press time, ETC is buying and selling at $25. An prolonged rally over the following 24 hours may see ETC break previous the $30 resistance stage. Nonetheless, it might want the help of the broader cryptocurrency market to succeed in $35 for the primary time since April 2022.
If the bears take management of the market, ETC may lose its help stage at $21 over the following few hours. Nonetheless, ETC ought to comfortably defend its place above the $17 help stage within the quick time period.